Each month, record all income and expenses, match receipts, reconcile every bank and card account with its statement, follow up on unpaid invoices, review the profit and loss, and set aside tax. IRS Publication 583 (December 2024) says to reconcile your checking account monthly. For the 2027 tax year, estimated payments fall due April 15, June 15 and September 15, 2027, and January 18, 2028. A ProfitDrawer bookkeeping spreadsheet's Monthly Dashboard shows the month's totals.
A checklist you can run in about an hour:
- Enter everything. All sales, payment app payouts, cash and expenses for the month.
- Attach or file receipts for each expense.
- Reconcile each bank, card and payment app account with its statement and fix differences.
- Check personal items. Move any personal charges to owner draw.
- Review unpaid invoices and send reminders for anything past 30 days.
- Log mileage for the month if you drive for business.
- Read the numbers. Income, expenses, profit and the change from last month.
- Set aside tax from the month's profit in a separate account.
- Check deadlines coming up, such as estimated tax, sales tax or payroll forms.
- Back up the file.
At quarter end, add a look at the quarter's totals and the estimated payment. The 4th payment for the 2026 tax year is due January 15, 2027.
Doing it monthly keeps year-end work to a summary instead of a rebuild. General information, not tax advice.
Source: IRS Publication 583: Starting a Business and Keeping Records · Updated
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Related questions
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General information, not tax, legal or financial advice. Check the rules for your state and your situation.